SUBJECT
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Request Board adopt a Resolution Approving a Plan of Finance Concerning the Issuance by the Polk County Industrial Authority of the Authority’s Industrial Development Revenue Bonds for the Victory Ridge Academy Project in a principal amount not exceeding $40,000,000.00 to finance or refinance the costs of renovation, expansion, design, construction, equipping and/or furnishing of educational facilities to be located in Polk County, Florida, to be owned and operated to the extent of its interests therein by Victory Ridge Academy, Inc. This Resolution repeals Resolution 2025-100 adopted on September 2, 2025.
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DESCRIPTION
The Polk County Industrial Development Authority (the "Authority") previously adopted on October 9, 2025, its Resolution approving the issuance of the Authority's Industrial Development Revenue Bonds (Victory Ridge Academy Project) in a principal amount not to exceed $40,000,000 (the "Bonds"), to provide funds to make a loan to Victory Ridge Academy, Inc. ("VRA") and Victory Ridge Charitable Fund, Inc., each a Florida not-for-profit corporation (together with VRA, the "Borrowers") to finance or refinance the renovation, expansion, design, construction, equipping and/or furnishing of educational facilities, serving grades PK-12 (Davenport Property); for the acquisition of additional property adjacent to the Davenport Property; refinancing Borrowers’ obligations with respect to the outstanding revenue bond; and refinancing Borrowers’ obligations with respect to the Promissory note to SouthState Bank which financed the renovation, expansion, design, construction, equipping and /or furnishing of an educational facility located in Lake Wales (Lake Wales Property).
The Authority has recommended that the Board of County Commissioners (the "Board") of Polk County, Florida (the "County") approve the issuance of the Bonds in a principal amount not to exceed $40,000,000, to finance the Project. The Borrowers have requested that the Board approve the issuance of the Bonds to finance the cost of the Project. This Resolution is adopted pursuant to the laws of the State of Florida, including, in particular, Chapter 69-1510, Laws of Florida, as amended, Parts II and III of Chapter 159, Florida Statutes, and other applicable provisions of law. Notice of a public hearing to be held by the Authority at 330 West Church Street, Bartow, Florida, inviting comments and discussions concerning the plan of finance for issuance of the Bonds by the Authority to finance the Project was published in The Ledger, a newspaper of general circulation in Polk County, Florida, at least seven (7) days prior to the Authority's meeting on October 9, 2025, and an affidavit of publication with respect to such notice is attached to the Resolution as Exhibit "A." The Board is the elected legislative body of the County, and the County has jurisdiction over the entire area in which the Project is located.
The Bonds shall not be deemed to constitute a debt, liability or obligation, or a pledge of the faith and credit or taxing power, of the Authority, of the County or of the State of Florida or of any political subdivision thereof, but the Bonds shall be payable solely from the revenues and proceeds to be derived from the sale, operating or leasing of the Project, including payments received under the financing agreements entered into between the Authority and the Borrowers. The Project and the issuance of the Bonds to finance the Project will have a substantial public benefit.
The Board on September 2, 2025 previously adopted Resolution No. 2025-100 which authorized the Bonds for a portion of the Project, and in order to expand the definition of the Project the Board has been requested by the Borrower to adopt this Resolution in order to approve the issuance of the Bonds for the purposes described herein. Upon the adoption of this Resolution, Resolution No. 2025-100, adopted on September 2, 2025 is repealed.
RECOMMENDATION
Recommend Board approve the Resolution approving the plan of finance concerning the issuance of the Bonds by the Polk County Industrial Development Authority, in an aggregate amount not exceeding $40,000,000.00, in one or more series, to finance the cost of the Project and repeal Resolution 2025-100.
FISCAL IMPACT
None.
CONTACT INFORMATION
Randy Mink
County Attorney
863-534-7679